Need help understanding how BitCoin Works - New King User

[ConfidentialKing]

I have just gotten a wallet; it starts with E and ends with M.

I have set up my wallet, with authentication; it appears to connect to the BitCoin Network.

I just have a few questions and I want to note, I am only purchasing seeds, which I am entitled to possess in my country but the provider gives a discount if I pay in BitCoin.

I have noticed a few tabs; mainly one that basically says send BitCoins and one that says receive BitCoins.

I know of a place where I can purchase BitCoins over the counter but I just need to understand how the process and how BitCoins work.

I understand that BitCoins increase in value, but the first question, is once I purchase, how do I extract the BitCoins in to actual physical money?

On the send option, I am provide with a long code, an amount I am supposed to receive and some other options. I am guessing that this long code does not change. I am guessing that when I go to purchase BitCoins, I provide the long code and the amount I want to purchase but I am unsure. I need to understand how it works. Do I walk in with that code, purchase the BitCoins and then go enter in a request for them to be put in my wallet?

When I send BitCoins, I am assuming the receiver will give me a long code, do I enter the amount I want to send and the code they provide?

Is this how it basically works?

Any additional information would be greatly appreciated. Detail can be given in code. I will understand.

For any help, may God bring you eternally happiness, peace, love and anything moral.

I use a secure VPN.

Thank you for any advice you provide, I really need to understand how this works, and I would greatly appreciate help. Thank you in advance.

KING 

[HabBear]

I understand that BitCoins increase in value, but the first question, is once I purchase, how do I extract the BitCoins in to actual physical money?

Depends on the wallet. If your wallet is with an exchange you can sell your bitcoin directly to fiat and it will go to whatever account you've used to draw on to buy the bitcoin. If your wallet is not with an exchange you need to open a wallet with an exchange. Exchanges are located online or at Bitcoin ATMs.

On the send option, I am provide with a long code, an amount I am supposed to receive and some other options. I am guessing that this long code does not change. I am guessing that when I go to purchase BitCoins, I provide the long code and the amount I want to purchase but I am unsure. I need to understand how it works. Do I walk in with that code, purchase the BitCoins and then go enter in a request for them to be put in my wallet?

The long code you provide others for payments is called the "public key". It can change, but it doesn't have to. If it does change it will be a different wallet. Some people create a different wallet for every single transaction they make. If you're going to a retailer pull up your mobil app at the point of purchase and retrieve your bitcoin wallet address (the public key) and your app should produce a QR code which can be easily read by the retailer's bitcoin wallet mobile app.

When I send BitCoins, I am assuming the receiver will give me a long code, do I enter the amount I want to send and the code they provide?

Yes.

Any additional information would be greatly appreciated. Detail can be given in code. I will understand.

First, you should read more and educate yourself on this wonderful world of Bitcoin. Here's a great thread on Bitcoin Wallets.

Second, please stop referring to it as "BitCoin", the "C" is not capitalized.

For any help, may God bring you eternally happiness, peace, love and anything moral.

There are many ways to compensate someone for their help...whatever way works for you is most appropriate.

What kind of seeds are you buying?

[WindingTree]

I have just gotten a wallet; it starts with E and ends with M.

I have set up my wallet, with authentication; it appears to connect to the BitCoin Network.

I just have a few questions and I want to note, I am only purchasing seeds, which I am entitled to possess in my country but the provider gives a discount if I pay in BitCoin.

I have noticed a few tabs; mainly one that basically says send BitCoins and one that says receive BitCoins.

I know of a place where I can purchase BitCoins over the counter but I just need to understand how the process and how BitCoins work.

I understand that BitCoins increase in value, but the first question, is once I purchase, how do I extract the BitCoins in to actual physical money?

On the send option, I am provide with a long code, an amount I am supposed to receive and some other options. I am guessing that this long code does not change. I am guessing that when I go to purchase BitCoins, I provide the long code and the amount I want to purchase but I am unsure. I need to understand how it works. Do I walk in with that code, purchase the BitCoins and then go enter in a request for them to be put in my wallet?

When I send BitCoins, I am assuming the receiver will give me a long code, do I enter the amount I want to send and the code they provide?

Is this how it basically works?

Any additional information would be greatly appreciated. Detail can be given in code. I will understand.

For any help, may God bring you eternally happiness, peace, love and anything moral.

I use a secure VPN.

Thank you for any advice you provide, I really need to understand how this works, and I would greatly appreciate help. Thank you in advance.

KING  

https://www.youtube.com/watch?v=l9jOJk30eQs

[apoorvlathey]

I have just gotten a wallet; it starts with E and ends with M.

You are talking about ElectruM ?

I know of a place where I can purchase BitCoins over the counter but I just need to understand how the process and how BitCoins work.

If there is a physical place, where you can convert fiat to bitcoins, you send fiat currency to the exchanger, and to receive bitcoins on your address, you use the "Receive" tab of your wallet which displays your bitcoin address.

I understand that BitCoins increase in value, but the first question, is once I purchase, how do I extract the BitCoins in to actual physical money?

You could do the reverse process as mentioned above to convert bitcoins to fiat("physical currency"). "Send bitcoins to exchange and get fiat in return from the exchange.

I am guessing that this long code does not change. I am guessing that when I go to purchase BitCoins, I provide the long code and the amount I want to purchase but I am unsure. I need to understand how it works. Do I walk in with that code, purchase the BitCoins and then go enter in a request for them to be put in my wallet?

The "long code" is actually your Bitcoin Address. Yes you need to have this address to receive bitcoins from other users.

When I send BitCoins, I am assuming the receiver will give me a long code, do I enter the amount I want to send and the code they provide?

Is this how it basically works?

Yes, this is true for the other way around too.

[odolvlobo]

On the send option, I am provide with a long code, an amount I am supposed to receive and some other options. I am guessing that this long code does not change. I am guessing that when I go to purchase BitCoins, I provide the long code and the amount I want to purchase but I am unsure. I need to understand how it works. Do I walk in with that code, purchase the BitCoins and then go enter in a request for them to be put in my wallet?

When I send BitCoins, I am assuming the receiver will give me a long code, do I enter the amount I want to send and the code they provide?

I assume the "long code" you are referring to looks like this: 1BQLNJtMDKmMZ4PyqVFfRuBNvoGhjigBKF. It could also start with a "3". That is called a Bitcoin "address". It is like an invoice number and whenever you send bitcoins to that address, they will be sent to the wallet that generated it (presumably owned by the person that gave you the address).

You give someone an address from the "receive" tab of your wallet so that they can send you bitcoins. When you buy bitcoins, you will have them in your account on the site. When you want to send them to a wallet, you go to the send feature on the site and enter the address from that wallet. If you want to send to yourself, you enter an address from your own wallet.

I have noticed a few tabs; mainly one that basically says send BitCoins and one that says receive BitCoins.

Yes, the "receive" tab will give you a Bitcoin address that you can give to someone that wants to send you bitcoins. In the "send" tab, you enter an address and an amount, and the wallet will send that amount to that address.

I understand that BitCoins increase in value, but the first question, is once I purchase, how do I extract the BitCoins in to actual physical money?

The fastest, most convenient, and most effective way to obtain bitcoins is to buy them. Likewise, if you want to covert them into your local currency, you sell them (presumably at the same place you bought them). In order to sell, you send the bitcoins to the site's wallet using the deposit address that they give you. They know whose account to credit because they give a different address to each account.

[BitcoinPC]

I will give you simple answer that bitcoin work but it only work when you have a quality of earning from online. If you know very well about online work than you could start work with bitcoin and about understanding is not difficult thing. With the passing of time, we have earned everything. But first step is that should start work with bitcoin and then learn.